Bob R. Simpson, co-chairman of the Texas Rangers baseball club, paid $1 million for the finest known 1943-S Lincoln. This deal happened in September 2012 and the reason why this man paid $1 million for the finest known 1943-S Lincoln Wheat cent is that this penny was supposed to be made of steel planchets coated with zinc. However, some bronze planchets left over from 1942 slipped into the production. These error coins are extremely rare.
According to a press, it was successfully acquired by Legend after negotiations with a dealer who is described only as “a long-time collector”. The MS62 coin is the finest of four known 1943-S bronze cents
What is a “Metal Error” that made these coins worth so much?
When the United States manufactures coins, they are produced within very small tolerances as defined by law. Specifications in the law include diameter, thickness, metal composition, and other requirements for design. When a law dictates a change to the coin production, it must adjust its production process to accommodate the requirements of the new law. In this instance, the United States Congress passed a law that specified pennies produced in 1943 are made out of steel instead of bronze because steel is better for producing coins.
Why Is It So Expensive?
Since Lincoln cents are one of the most collected United States coins, demand for them is extensive. Given the unusual look of a 1943 steel Lincoln cent, a 1943 Lincoln cent made out of bronze is one of the “Holy Grail” of Lincoln error collectors. Compounding the pressure of a highly collectible coin with the fact that there are only five known examples of a 1943-S Lincoln cent made in bronze, the price will skyrocket!
What does Google say for 1943-S Lincoln Cent?
What is the price that our Editorial Team find this coin on Antiques BUY & SELL classifieds
We find the 1943-S Lincoln made out of steel on a website called Exchange Vintage, which is dedicated to antique fairs.
Description from exchangevintage website!
The 1943-S Lincoln Cent represents the San Francisco version of the zinc-coated steel Cents issued by the U.S. government as a replacement for the bronze versions used up until that date. Demand for copper escalated in World War II because of its use in weapons and assorted other items necessary to prosecute the war effectively. Over 100 million 1943-S Steel Cents were struck, making them very common today. Apparently, collectors saved many thousands of Mint State examples, as evidenced by a large number of certified examples in the MS66 and MS67 grades. In MS68, this date is scarce, but not rare, and collectors have ample opportunities to obtain an example in this grade, something that is not possible with other dates in the series.